U.S. Steel Attracts High Bids Exceeding $40 per Share, Sources Reveal

U.S. Steel has reportedly received multiple bids in excess of $40 per share, causing its stock to rise. The sale process, which began in August with an unsolicited bid from Cleveland Cliffs, is nearing its conclusion. Cleveland Cliffs' current bid is higher than its original offer, potentially structured to mitigate anti-trust concerns. If successful, the merger would create a company accounting for a significant portion of flat-rolled and auto-grade steel in the U.S. ArcelorMittal also submitted a bid, with potential financing to offer $45 per share in all cash.